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Performance Graph
SEC standardized performance is below graph

Growth of $10,000 Investment since Inception

	Dec Qtr. 1/1/08 to 3/31/08**	One Year 4/1/07 to 3/31/08	Five Year 4/1/03 to 3/31/08	Life-to-Date 6/30/01 to 3/31/08**
Balanced	-6.14%	-1.22%	7.74%	4.70%
S&P 500 Index*	-9.45%	-5.08%	11.32%	2.96%
Bloomberg/EFFAS Index*	3.08%	9.15%	3.57%	4.24%
Balanced Benchmark*	-1.93%	3.46%	6.95%	3.74%

Performance data quoted represents past performance and is no guarantee of future results.Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Total return figures include the reinvestment of dividends and capital gains. Please read the prospectus carefully before investing or sending money. For additional information, call Bridgeway Funds at 1-800-661-3550. As stated in the current prospectus, the Fund's gross annual operating expense is 0.94%

The Fund uses an option writing strategy in which the Fund may sell covered calls or secured put options. Up to 75% of Fund assets may be invested in option writing. Options are subject to special risks and may not fully protect the Fund against declines in the value of its stocks. In addition, an option writing strategy limits the upside profit potential normally associated with stocks.

*The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The Bloomberg/EFFAS Index is a transparent benchmark for the total return of the 1-3 year U.S. Government bond market. Balanced Benchmark is a combined index, calculated by the Adviser, of which 40% reflects the S&P 500 Index (an unmanaged index of large companies with dividends reinvested) and 60% the Bloomberg/EFFAS U.S. Government 1-3 year Total Return Bond Index. One cannot invest directly in an Index.
**Periods less than one year are not annualized. Periods longer than one year are annualized Returns listed in the table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.